PCI-PAL: Cloud payment specialist reports jump in new business as it shrugs off High Court patent case
Secure payment solutions provider PCI-PAL reported a jump in revenues for the six months ending 31 December 2023 as it reported an uplift in new business and touted victory in a High Court patent case.
Revenues jumped 20 per cent during the period compared to the previous year, coming in at £9m. Around 90 per cent of the firms revenues came from recurring contracts.
The firm’s total annual contract value (ACV) rose 18 per cent year-on-year to £17.4m, driven by £1.6m of ACV new business sales. It added that new business ACV in the US jumped 35 per cent.
PCI-PAL said its ACV was already at £2.2m so far this year, up 25 per cent from the same period the year before.
The firm announced last October that it had won a UK High Court patent case against rival Sycurio, with the court saying Sycurio’s patent claims were unfounded.
Sycurio was granted an appeal, which is due to be heard in May. “We look forward to that hearing when we fully expect to be successful and to receive a significant cost award, which as a minimum will include the current £1.1m held on account from the initial trial being released to the company,” PCI-PAL said on Tuesday.
A separate case in the US is due for trial next February, with the firm saying its position was “very similar” to the one in the UK.
PCI-PAL chief executive James Barham commented: “Revenue growth momentum continues as a result of the accumulation of new business and also exceptionally high customer retention rates. Our cloud native partner-first strategy continues to deliver excellent results. Together with the strength of our technology and high service levels we have an excellent platform for future growth.
“The continued progress of the business over the last two years is even more pleasing given the management distraction and cash we have used on the patent case. With the comprehensive victory in the UK trial, we believe the risk of the case to the business is now substantially reduced and given the strength of our trading position today we are looking positively further forward into the future.”